Outcome 1
What is entrepreneurship?
Starting a business in response to opportunites and assuming all risks in the hope of making a profit.
Seeking growth, innovation, pursuing business opportunities.
List one similarity and one difference between a partnership and a sole trader.
Unlimited liability, number of people
Define offshoring.
The practice of moving some of a business' processes or services to the same or another business overseas.
What do you do when you 'distinguish'?
Explain the key difference
What is one advanateg of a franchise business model?
Proven business formula, less risk compared to starting from scratch, customers are aware of the brand
Name 3 motivations to start a business.
Fulfil a social need, fulfil a market need, financial independence, social indepence, make a profit
What are the three types of resources? Define them.
What is the impact of increased inflation on consumer and business confidence?
Increases prices --> reduces confidence
Customers --> less willing to buy
Businesses --> if interest rates go up might be less willing to expand
What do you do when you 'compare'?
Similarities & differences
What is the difference between the internal, operating and macro environment?
Level of control
What is the purpose of a feasibility study?
List 4 types of business models.
online, bricks and mortar, bricks and clicks, franchise, import/export
What is patenting?
Executive right granted for any device, substance or method that is new, inventive or useful.
What do you do when you 'evaluate'?
Strength/weakness + overall judgement
What does PEEC stand for?
Point, Explain, Elaborate, Counterargument
What are three sources of business opportunity?
Innovation, market opportunities, changing customer needs, R&D, technological development, global markets
Give one advantage and one disadvantage of getting a loan as a source of finance.
Advantage: secure more money
Disadvantage: have to pay interest
What are the three stakeholders in the operating environment?
Customers, competitors and suppliers.
What do you do when you 'discuss'?
Strengths/weakness, costs/benefits, advantages/disadvantages
How do you spell my last name?
L I U B I N A S
List two ways a business can contribute to the economic wellbeing of a nation and two ways it can contribute to the social wellbeing of a nation.
Economic: GDP, emplyment, R&D, taxation, export earnings
Social wellbeing: CSR, innovation, career and social wellbeing
What are five factors to consider when planning the location of a business?
Cost, visibility, complementary businesses, proximity to competitors, proximity to customers, priximity to suppliers
List 5 legal or government regulations businesses must follow.
Government legislation (federal, state, local), establishing a business (eg getting an ABN), location, health regulations, employment regulations (discrimination, OH&S), taxation laws, trade practices &consumer protection, environmental protection legislation
What do you do when you 'analyse'?
Break something down into parts and show how they are connected
How do business associations assist businesses?
Provide education, advice, training and information